AUD🇦🇺/ CHF🇨🇠looks quite interesting for the next week
Starting from the 1W chart you can see a couple of things:
1- from March 2020 saw a phenomenal recovery, bringing the quotation to the previous level of the pre-pandemia (+35% in a year), stopping only in March 2021, exactly one year after reaching the bottom.
2- once arrived to quotation 0.72 approximately the price has not had more the force to continue (found like resistance the key level and also an important level S/R -> white arrow)
From that point on began the decline, bringing the price to the current quotation; It may not be over: we see in fact that a level of support (tested already three times on timeframe 1W, represented by the lower arrow) was broken, not with a shy shadow, but closing with about half the weekly candle body below.
After this preamble the time has come to look more closely at the situation in the updates of the idea.
Representation of a personal idea, is therefore not to be considered neither an investment suggestion nor a financial advice.
1- from March 2020 saw a phenomenal recovery, bringing the quotation to the previous level of the pre-pandemia (+35% in a year), stopping only in March 2021, exactly one year after reaching the bottom.
2- once arrived to quotation 0.72 approximately the price has not had more the force to continue (found like resistance the key level and also an important level S/R -> white arrow)
From that point on began the decline, bringing the price to the current quotation; It may not be over: we see in fact that a level of support (tested already three times on timeframe 1W, represented by the lower arrow) was broken, not with a shy shadow, but closing with about half the weekly candle body below.
After this preamble the time has come to look more closely at the situation in the updates of the idea.
Representation of a personal idea, is therefore not to be considered neither an investment suggestion nor a financial advice.
Comment:
Moving on timeframe to 1D you see two days of recovery after the selloff of November 26, but you see also another thing, much more interesting: in the last 3 days the price has shown a decisive loss in volume of buyers, just in correspondence of a zone S/R that I have evidenced with an arrow and a previous block of orders.
Comment:
If we add a Fibonacci retracement we can see that the price is in a really interesting area right now.
Comment:
At 4H we can spot a reversal pattern -> the rising wedge.
Comment:
For me this pair has some nice confluences for a downside continuation.
Comment:
Price is moving as expected.
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Comment:
Also AUD USD shows a "Double bottom fakeout"